Our bureau
New York, NY
Prime Minister Narendra Modi showcased India’s growing stature as a global technology and innovation hub in his address to CEOs of leading tech companies in the US.
Participating in a roundtable with the CEOs in New York on Sunday during the second day of this three-day visit to the US, the Prime Minister emphasized the nation’s strides in the semiconductor sector, electronics, and workforce development, underscoring India’s commitment to becoming a key player in the global economy,
PM Modi said, “We are also placing significant emphasis on ‘Design in India,’ so that we can offer something new to the world. In the semiconductor sector, we are moving forward with an additional investment of USD 15 million.”
Highlighting India’s growing role in semiconductor technology, the Prime Minister stated, “In semiconductor design, India already holds a 20 percent share, and the government has recently launched a ‘Design in India’ campaign for every sector.”
He added, “Recently, we also established a USD 12 billion research fund to promote high-end research, as we want to place a special emphasis on innovation.”
Speaking about India’s booming electronics sector, Modi emphasized its current worth and the ambitious goal of increasing by 2030.
“Today, our electronics sector is worth more than USD 150 billion, and our goal is to reach USD 500 billion by 2030, which will help us create 6 million new jobs in this sector. We are ready to collaborate with the industry as much as possible, and I have been successful in making the system proactive in this direction,” PM Modi said.
Modi reaffirmed India’s capacity to be a reliable and credible partner in the global semiconductor ecosystem supply chain.
He said, “India has the complete potential to become a reliable and credible partner in the global semiconductor ecosystem supply chain. India has a working population of more than 500 million, and the average age in India is 28 years. Importantly, our youth are showing great interest in STEM education, and even girls are actively participating.”
Modi highlighted the importance of STEM education and the growing interest among Indian youth, including girls, in pursuing careers in science, technology, engineering, and mathematics.
He said, “For Industry 4.0, we are advancing towards creating an industry-ready workforce. Based on your experience and requirements, if we find a suitable product, we can quickly move forward and scale it up rapidly.”
“Our aim is to train 85,000 technicians, engineers, and R&D experts in the next 1-2 years. We are striving to create an ecosystem that provides skills aligned with industry requirements”, the Prime Minister emphasized.
India is now home to one of the most vibrant digital ecosystems in the world.
PM Modi stated, “India is a country that possesses technology, democracy, and a thriving market. Today, India boasts one of the most vibrant digital ecosystems. It is home to the third-largest startup ecosystem in the world. Additionally, India has the largest pool of young talent globally.”
